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Now I'm in the Midwest and it's $100 to fill up each of our cars and it's really easy to spend $3-400 per week on groceries. But the grown ups are in charge, right? The horrible inflation numbers came out today and that bumbling idiot basically blamed it on Putin and greedy oil companies. I guess all the corporations just got together and decided to raise prices. Surely there is nothing else at play right?
Wrong as usual but still glad to have him back!
Oh yeah it's definitely Putin. Has nothing to do with us not drilling our own oil. It's almost as if being energy independent would be the way to go. Oh wait.....
I hate Donald Trump. Let's get that clear. LOL
For my businesses (I own 3 franchise food service locations), my inventory costs have gone up an average of 30+% in the past year. Many items have doubled in price. And that is when we can get those items, every week it is something new out of stock or limited quantity due to "supply chain" issues.
We did not lay off a single person during covid lockdown, have not had 1 unemployment claim. Yet my UI insurance went from a 2% rate to 10% UI rate. The reason? So many people claimed unemployment that it completely drained the state UI compensation fund, so ALL employers are forced to pay 5 times their past UI rate to replenish the UI fund.
Business owners cannot pay 30% more for their product (and higher wages, higher UI rates, higher utilities, etc) without passing those costs on to the consumer.
The coming recession is going to make 2008 look like the good ole days. Biden thinks he can just keep printing money to buy his voters and buy his way out of this economic disaster. Ask Venezuela how that worked out for them.
Pit Row
When Trump brought us to the point of insolvency with the money printer, PRE-COVID, the damage was already done. When COVID hit, and money printer had to start running in turbo mode because there was no rainy day fund, well, golly geepers. Here we are.
Congratulations. YOU built that.
You've been laying it to em' around here. Calmly, and usually, more politely than I could ever muster, you just lay out the facts.
Nice work!
Not sure where you're trying to go here, but it seems like a dead end.
Yesterday's reported CPI of 8.6% had the cost of housing (rent/home prices) component as up 5.5% YOY. This component is heavily weighted and makes up around a third of the CPI. Meanwhile apartments.com has reported an 15.3% increase in rent nationally, and it's about the same for the national increase in housing prices. Personally, according to Zillow my house is up 14% YOY. It's currently being reported that the inflation rate hasn't been this high since 1982 when the CPI was calculated with a direct reading of housing/rent price increases, but this is an apples to oranges comparison. If you replace the fantasy land 5.5% increase with the more accurate 15% we're around an 11.4% inflation rate which is creeping up on the high-water inflation rate of 14% in 1981. This doesn't even account for the other accounting tricks the BLS has rolled out starting in the 90s like hedonics and substitutions. The important difference though between then and now is that the American economy was strong enough and the US savings rate was high enough to withstand the 20% fed funds interest rate that was unleashed to stomp out that inflation. We're still under 1% and the credit markets are already shitting the bed after barely coming off the floor of the rediculous 0% interest rates.
Inflation is the increase (or "inflation") of the money supply, which is currently mostly due to government deficit spending in the developed nations around the world. Price increases are not inflation, but are the symptom of inflation.
The government will continue to try and throw the blame around. It's the supply chains, it's the billionaires, it's Putin, it's corporations. No mention of the recent multi-trillion dollar government budget deficits, record breaking trade deficits, exploding federal reserve balance sheet and the explosion in base money supply. It was fun when all that inflation was flowing into the stock market, but not so fun now that's it's flowing into the prices of goods and service.
The government calculating the inflation rate is like the mob being in charge of reporting the crime rate.
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